登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 证券代码：688778 证券简称：厦钨新能 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 追溯调整或重述的原因说明： 1、截至2025年9月30日，公司已完成对厦门钨业股份有限公司海沧分公司二次资源制造部相关业务资产 组及厦门钨业股份有限公司所持赣州市豪鹏科技有限公司47%股权的收购交易，将其纳入合并财务报表 范围，该交易构成同一控制下企业合并，对相关财务数据进行追溯调整。 2、报告期内，公司因资本公积金转增股本，公司的股份总数从420,771,0 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong performance across various business segments, particularly in tungsten-molybdenum and new energy materials [6][7][8]. Financial Performance - For the first three quarters of 2025, the company achieved consolidated operating revenue of 32 billion yuan, a year-on-year increase of 21.36% [6]. - The net profit attributable to shareholders was 1.782 billion yuan, up 27.05% year-on-year, while the net profit excluding non-recurring gains and losses was 1.715 billion yuan, reflecting a 39.63% increase [6]. Business Segments - **Tungsten-Molybdenum Business**: Revenue reached 14.568 billion yuan, a growth of 11.47%, with total profit of 2.325 billion yuan, up 20.13%. The third quarter saw a quarter-on-quarter profit increase of 42.84% [6][7]. - **New Energy Materials**: Revenue from this segment was 13.059 billion yuan, growing by 29.80%, with total profit of 612 million yuan, an increase of 48.93%. Lithium cobalt oxide sales rose by 45% [7]. - **Rare Earth Business**: Revenue was 4.333 billion yuan, up 35.27%, with total profit of 185 million yuan, a 2.74% increase. Excluding the previous year's one-time gains, profit growth was 35.83% [8]. - **Real Estate Business**: Revenue was 40 million yuan, a 15.19% increase, but total profit was a loss of 62 million yuan, down 1.3 million yuan from the previous year due to the absence of one-time gains [8]. Corporate Actions - The company approved a plan to establish a wholly-owned subsidiary for the construction of a metal cutting solution engineering center, with an investment of 387.86 million yuan, aimed at enhancing service capabilities in the cutting tool sector [17][18]. - The board also approved the use of 1.6 billion yuan of temporarily idle funds for wealth management, focusing on high-security, liquid investments [24][26]. Governance and Compliance - The board confirmed that all financial reports are accurate and complete, with no significant omissions or misleading statements [2][3]. - The company has adhered to necessary procedures for the approval of financial and investment decisions, ensuring compliance with relevant regulations [30][31].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [5][12]. Core Insights - The company reported strong growth in the first half of 2025, with revenue reaching 7.534 billion yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 307 million yuan, up 27.76% year-on-year [3][4]. - The demand for lithium cobalt oxide is favorable, with a significant increase in sales volume of lithium battery cathode materials, which reached 60,700 tons, a year-on-year growth of 35.50% [3]. - The company has a strong position in the solid-state battery sector, focusing on cathode materials and electrolytes, with successful supply of cathode materials for oxide-based solid-state batteries [4]. Financial Performance - The company's gross margin for the first half of 2025 was 9.99%, an increase of 0.48 percentage points year-on-year, while the net profit margin was 4.06%, up 0.28 percentage points year-on-year [4]. - Revenue projections for 2025-2027 are 17.185 billion, 21.442 billion, and 24.917 billion yuan, with expected year-on-year growth rates of 29.24%, 24.77%, and 16.21% respectively [5][10]. - The forecasted net profit attributable to shareholders for the same period is 746 million, 1.071 billion, and 1.119 billion yuan, with growth rates of 51.04%, 43.58%, and 4.48% respectively [5][10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.41 CNY [2][7]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 7.534 billion CNY, a year-on-year increase of 18.04%, and a net profit of 307 million CNY, up 27.76% year-on-year [7]. - The company is focusing on new materials such as NL and lithium supplementation, which are expected to drive future growth [7]. - The report highlights the company's leading position in lithium battery materials, with a significant increase in sales volume, particularly in cobalt lithium products [7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 13,297 million CNY, 17,671 million CNY, 19,224 million CNY, and 21,259 million CNY, respectively, with a year-on-year growth rate of -23.2%, 32.9%, 8.8%, and 10.6% [3][8]. - Net profit attributable to the parent company is forecasted to be 494 million CNY in 2024A, 773 million CNY in 2025E, 887 million CNY in 2026E, and 999 million CNY in 2027E, with corresponding growth rates of -6.3%, 56.4%, 14.8%, and 12.6% [3][8]. - Earnings per share (EPS) are projected to be 0.98 CNY for 2024A, 1.53 CNY for 2025E, 1.76 CNY for 2026E, and 1.98 CNY for 2027E [3][8]. Market Position and Growth Drivers - The company has solidified its leading position in the lithium battery materials market, with a sales volume of 60,700 tons in the first half of 2025, a year-on-year increase of 35.50% [7]. - The report emphasizes ongoing project developments, including the expansion of production capacity and the establishment of new production lines, which are expected to enhance the company's competitive edge [7]. - The company is actively optimizing its product applications and exploring cutting-edge technologies, including solid-state batteries and lithium supplementation materials, to maintain its industry leadership [7].

Core Insights - Xiamen Tungsten New Energy (688778.SH) reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [2][3] - The net profit attributable to shareholders reached 307 million yuan, up 27.76% compared to the same period last year [2][3] - Basic earnings per share increased by 7.02% to 0.61 yuan [2] Financial Performance - Revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the previous year, marking an 18.04% increase [3] - Gross profit totaled 339 million yuan, reflecting a 35.47% increase from 250 million yuan in the prior year [3] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, a 27.76% increase [3] - The net cash flow from operating activities was 648 million yuan, down 32.25% from 957 million yuan in the previous year, primarily due to increased material procurement costs [4] Product Performance - Lithium battery cathode materials sales reached 60,700 tons, a 35.50% increase year-on-year [4] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) were 31,900 tons, up 20.76% [4] - Hydrogen materials sales amounted to 1,974.61 tons, reflecting a 6.16% increase [4] Research and Development - Total R&D expenditure was 243 million yuan, a 15.27% increase year-on-year [5] - R&D spending accounted for 3.23% of revenue, a slight decrease of 0.08 percentage points compared to the previous year [5] - The company is focusing on R&D in the fields of range-extended, hybrid, mid-to-high-end electric vehicles, and low-altitude applications [5] - Xiamen Tungsten has achieved supply of cathode materials for oxide-based solid-state batteries and is collaborating with leading domestic and international companies for sulfide-based solid-state battery materials [5]

Summary of Xiamen Tungsten Industry Conference Call Company Overview - **Company**: Xiamen Tungsten Industry - **Date**: August 22, 2025 Key Financial Performance - **Net Profit**: The company reported a net profit attributable to shareholders of 580 million yuan for Q2 2025, with a non-recurring profit of 923 million yuan, representing a year-on-year growth of 7.53% [2][3] - **Total Assets**: As of June 30, 2025, total assets reached 47.1 billion yuan, an increase of 3.64% from the previous year [2][5] - **Net Assets**: Shareholder equity was 16.3 billion yuan, up 2.32% year-on-year [2][5] - **Return on Equity**: The weighted average return on equity was 15.96%, down 2.79 percentage points due to refinancing impacts [2][5] - **Cash Flow**: Operating cash flow was approximately 800 million yuan, a decrease attributed to increased inventory [2][5] Revenue Breakdown by Segment - **Tungsten and Molybdenum**: Contributed 46% of total revenue and 75% of total profit [6] - **Energy New Materials**: Accounted for nearly 40% of revenue and 20% of profit [7] - **Rare Earths**: Contributed 14% of revenue and about 7% of profit [8] Market Dynamics - **Tungsten Prices**: The average price of domestic black tungsten concentrate was approximately 150,000 yuan/ton, with APT prices reaching a historical high of 222,900 yuan/ton, reflecting a year-on-year increase of 12.23% [8] - **Market Position**: The company maintains a strong position in the tungsten market, with APT and other products ranking among the top domestically [9] Segment Performance Highlights - **Cutting Tools**: Revenue grew by approximately 13%, with a profit increase of 29%. Key customer sales rose by 50%, and overseas revenue saw significant growth [10] - **Rare Earths**: Prices for neodymium-praseodymium oxide increased by 12%, while the company achieved a 40% increase in domestic sales of magnetic materials [16] - **Battery Materials**: Revenue reached 7.534 billion yuan, up 18%, with lithium cobalt oxide sales increasing by 57% [20] Strategic Initiatives - **Investment Projects**: The company invested 977 million yuan in various projects, including 656 million yuan in wood business and 155 million yuan in rare earth projects [21] - **Future Plans**: The company aims to achieve 5 billion yuan in revenue from the cutting tools business within five years through organic growth and acquisitions [29] Challenges and Risks - **Cost Pressures**: Rising raw material prices pose challenges to cost control, although the company is optimizing supply chain management [40] - **Market Demand**: Despite healthy demand, there are concerns about customer hesitance due to rising prices, which could affect order volumes [44] Conclusion - **Outlook**: The company is well-positioned in the tungsten and rare earth markets, with strong financial performance and strategic initiatives aimed at growth. However, it must navigate cost pressures and market dynamics to maintain its competitive edge.

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [5]. Core Insights - The company reported a revenue of 7.534 billion yuan for the first half of 2025, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 307 million yuan, up 28.36% year-on-year, which aligns with expectations [1]. - In Q2 2025, the company achieved a revenue of 4.557 billion yuan, a year-on-year increase of 51.85%, and a net profit of 190 million yuan, reflecting a year-on-year growth of 48.44% [1][2]. - The company is solidifying its position as an industry leader, with lithium battery cathode material sales reaching 60,700 tons, a 35.50% increase year-on-year [2]. Summary by Sections Financial Performance - The company’s Q2 2025 gross margin was 10.26%, a decrease of 1.36 percentage points year-on-year, while the net profit margin was 4.2%, down 0.06 percentage points year-on-year [1]. - The company expects revenues of 16.637 billion yuan, 18.797 billion yuan, and 22.822 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.1%, 13.0%, and 21.4% [3][4]. Production Capacity and Projects - The company is accelerating its global capacity layout, with significant progress in domestic projects, including the completion of construction for a 30,000-ton lithium-ion battery material expansion project [2]. - Internationally, projects in France are advancing smoothly, including a 40,000-ton ternary material project [2]. Research and Development - The company is focusing on solid-state battery technology, achieving reliable production of oxide solid electrolytes and developing unique synthesis processes for lithium sulfide [3]. - The report highlights the company's strong technological advantages and clear growth trajectories in various business lines [3].

Core Insights - The company reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [1][2] - The net profit attributable to the parent company was 307 million yuan, up 27.76% compared to the same period last year [1][2] - The net profit excluding non-recurring gains and losses was 291 million yuan, reflecting a 32.24% increase year-on-year [1][2] Financial Performance - Total revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the same period last year, marking an 18.04% increase [2] - Total profit amounted to 339 million yuan, a 35.47% increase from 250 million yuan in the previous year [2] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, indicating a 27.76% growth [2] - The net profit after excluding non-recurring items was 291 million yuan, compared to 220 million yuan last year, a 32.24% increase [2] - The net cash flow from operating activities decreased by 32.25% to 648 million yuan from 957 million yuan [2] Product Sales and Market Position - The company sold 60,700 tons of lithium battery cathode materials, a 35.50% increase year-on-year [2] - Sales of lithium cobalt oxide reached 28,800 tons, up 56.64%, with high-voltage lithium cobalt oxide (4.5V and above) seeing significant growth [2] - In the power sector, the company maintained its technological advantage in high-voltage and high-power ternary materials, achieving sales of 31,900 tons, a 20.76% increase [3] - Sales of hydrogen energy materials reached 1,974.61 tons, reflecting a 6.16% year-on-year growth [3] Expansion and Projects - The construction of a factory in France with an annual capacity of 40,000 tons for ternary materials is progressing smoothly [3] - The project for producing 40,000 tons of cathode material precursors in France is advancing with technical authorization work [3] - The expansion project at the company's Xiamen base for producing 30,000 tons of lithium-ion battery materials has completed civil construction and is awaiting fire safety inspection [3] - The comprehensive workshop project at the Haijing base, with a planned annual capacity of 15,000 tons, has seen some workshops complete construction acceptance [3]

Core Viewpoint - The company, Xiamen Tungsten New Energy (688778), reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by increased sales in lithium battery materials and hydrogen energy materials [1] Financial Performance - The company achieved operating revenue of 7.534 billion yuan, representing a year-on-year increase of 18.04% [1] - The net profit attributable to shareholders was 307 million yuan, reflecting a year-on-year growth of 27.76% [1] - Basic earnings per share were reported at 0.61 yuan [1] - The company proposed a cash dividend of 2 yuan per 10 shares (including tax) [1] Product Sales - Sales of lithium battery cathode materials reached 60,700 tons, marking a year-on-year increase of 35.50% [1] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) amounted to 31,900 tons, up by 20.76% year-on-year [1] - In the hydrogen energy materials segment, the company sold 1,974.61 tons, which is a year-on-year growth of 6.16% [1]

Group 1: Company Performance - Longchuan Technology achieved revenue of 2.167 billion yuan, a year-on-year increase of 41.8%, and net profit of 427 million yuan, a year-on-year increase of 98.73%, exceeding the previous forecast range of 360 million to 420 million yuan [1] - Xiamen Tungsten's revenue for the first half of the year was approximately 7.534 billion yuan, a year-on-year increase of 18.04%, with net profit of 307 million yuan, a year-on-year increase of 27.76% [2][3] - West Mining reported revenue of 31.619 billion yuan and net profit of 1.869 billion yuan, representing year-on-year growth of 27% and 15%, respectively, driven by an increase in copper production and prices [3] - Zhimin Technology's revenue reached 295 million yuan, a year-on-year increase of 84.83%, and net profit surged to 38.3 million yuan, a year-on-year increase of 2147.93%, attributed to increased customer demand and order volume [4] Group 2: Industry Trends - The semiconductor and AI sectors, along with resource industries like rare earths and gold, are showing strong performance according to the statistics from over 1,570 listed companies [4] - The testing industry is experiencing a significant upward trend, with expectations for continued high growth in revenue driven by major customer demand and market expansion [1] - The demand for lithium cobalt and power battery materials is increasing, supported by national subsidy policies and enhanced AI functionalities in consumer electronics [2]